Nvidia(US:NVDA) Bank of China Securities·2026-03-17 13:18Investment Rating - The industry investment rating is "Outperform the Market," indicating that the industry index is expected to perform better than the benchmark index in the next 6-12 months [11]. Core Insights - Nvidia's CEO Jensen Huang presented at GTC 2026, highlighting the evolution of technology from Rubin to Feynman, with significant changes including the application of CPO and liquid cooling technologies, and the introduction of LPU with integrated large-capacity SRAM to enhance inference performance. Huang anticipates that agentic AI and physical AI will be key growth points for the future of AI [1][3]. - Nvidia's flagship computing platform, Vera Rubin, integrates seven types of chips and five types of racks, with expectations of revenue exceeding $1 trillion by 2027. The Feynman computing platform is expected to be released in 2028, further enhancing capabilities [3]. - The report emphasizes that CPO, liquid cooling, and LPU are foundational changes in AI computing infrastructure, focusing on performance and efficiency in inference applications [3]. Summary by Sections Investment Recommendations - Recommended companies to focus on include: - CPO Chips and Packaging: Tianfu Communication, Zhongji Xuchuang, Jingfang Technology, Changdian Technology, and Huanxu Electronics - Optical Fiber: Changfei Fiber, Hengtong Optic-Electric, and Zhongtian Technology - PCB and Materials: Shennan Circuit, Huitian Technology, Pengding Holdings, Shenghong Technology, and others - Server Assembly: Industrial Fulian - Power and Cooling: Yingweike, Magmi Tech, Lingyi Zhi Zao, and others - High-Speed Copper Cables: Zhaolong Interconnect and Wolong Nuclear Materials [3].